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TECHS: CEEMEA FX Price Signal Summary: Eyeing The USDZAR Channel Resistance

EMERGING MARKETS
  • EURPLN continues to consolidate. In pattern terms, this sideways move appears to be a bear flag formation, highlighting a near-term bearish risk.
    • Key support is at 4.4946, Jan 7 low and a bear trigger.
    • The resistance to watch is at 4.5391, Jan 6 high.
  • EURHUF resistance is seen at 362.11, Jan 1 high. A break is required to signal scope for a stronger rally. As mentioned earlier, yesterday's price pattern is a bearish engulfing candle. If correct, this suggests scope for retest of last week's 356.53 on Jan 7.
  • USDZAR is hugging the 50-day EMA. A key resistance is located at 15.9212. The top of a bear channel drawn off the Apr 24 high. While this channel remains intact, current gains are considered a correction. Initial support is at 15.2116, Jan 8 low.
  • USDTRY has tested its 20-day EMA this week. A clear breach of the average would open 7.6394, the 50-day EMA.
    • A key pivot support has been defined at 7.2406, Jan 7 low and is close to the May 2020 high and the Aug 2013 high.
  • The near-term USDRUB directional triggers are 73.0665, Jan 4 low and 75.2785, Jan 5 high.
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